Consulting Firm Bids. A consulting firm submitted a bid for a large research project. The firm's management initially felt they had a 50-50 chance of getting the project. However, the agency to which the bid was submitted subsequently requested additional information on the bid. Past experience indicates that for 75 % of the successful bids and 40 % of the unsuccessful bids the agency requested additional information. a. What is the prior probability of the bid being successful (that is, prior t
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CHALLENGEACTIVITY11.3.2: Bidding example.Write an expression that continues to bid until the user enters 'n'.Sample output with inputs: 'y' 'y' 'n'I'll bid 7!Continue bidding? I'll bid15!Continue bidding? I'll bid 23!Continue bidding?1 import random2 random.seed(5)34 keepgoing = ”5 nextbid = 067 while keepgoing != 'n':8 # Your solution goes here :”9 nextbid = nextbid random.randint(1, 10)10 print('Iĺl bid%d!' % (nextbid))11 print('Continue bidding?', end = ”) keepgoing = input()RunCHALLENGEACT
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